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How much would you suppose that terminators with relic blades as opposed to power fists would cost? I converted up myself a squad of Morlocks, with relic blades and twin bolters, for my pre-heresy list and I am now seemingly stuck with what to do with them, I suppose I could use them in my "counts as" SW list, as WG in TDA, but I really don't want to see them lowered to the level of frost blades or a single wolf claw.

As I see it, 45 points is too much, as for +1 point you could get GK terminators and be that much better off, what with the shrouding and WS5 and all that. On the other hand, It would effectively invalidate relic blade HG (not that they needed any more invalidation) if they were any less than 50 points. It seems that I just cant win by comparing relative costs, and I have to ask dakka, how much would a squad such as this be worth?

Well, a TDA WG with single wolfclaw is only 38 pts(the frost blade puts it up to 43) but again for 3-8 points more you can use GKT.

if you are doing Home-brew games I would say cost them at roughly 35 pts per model, 5 points less than a Fist-termi for 2 less strength and 3 more initiative, and also 5 Less than a LC-termi for 1 less attack and loss of re-roll(but add 2 Str)

I don't know much about the Morlocks(I haven't read a BL book since Farseer) so I am not sure what they are supposed to be able to do; so 35/ seems fair and balanced

I would say +5 points a model, as on the Captain and Chapter Master models, relic blades are 5 extra points to a power fist. I wouldn't lower the points on the model, simply for opponent satisfaction.